Fed raises rates as federal net interest tops $1 trillion
The Fed unanimously raised its benchmark rate 0.25 percentage point — its first increase in three years — while federal net interest surpassed $1 trillion.
The Federal Reserve on Wednesday raised interest rates by a quarter point in a unanimous decision, marking its first increase in three years. Officials signaled additional hikes could follow despite President Donald Trump’s demands for cuts, and federal net interest has topped $1 trillion.